Real estate deals allow electronic signatures

Posted by Richard Kitts on Tue, Jun 30, 2015 @09:47 AM

Real estate deals allow electronic signatures

TORONTO - Ontario home buyers and sellers will soon be allowed to provide electronic signatures on real estate documents.

Changes to the Electronic Commerce Act take effect July 1, making electronic signatures legally equivalent to handwritten ones in real estate deals.

Current regulations require real estate documents, such as agreements of purchase and sale, to be signed by hand on hard copies.

Patricia Verge, president of the Ontario Real Estate Association, calls the changes to the act "great news for realtors as well as consumers," and says the option to sign electronically will make home-buying and selling more efficient.

Six other provinces, including British Columbia, Quebec, New Brunswick, Manitoba, Newfoundland and Labrador and Prince Edward Island, allow electronic signatures for real estate transactions.

By The Canadian Press | June 29, 2015

View article here >>

http://www.thespec.com/news-story/5700820-real-estate-deals-allow-electronic-signatures/

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Ontario, Kitchener-Waterloo Mortgage, mortgage broker, real estate, electronic commerce act, ontario real estate association

Canada Mortgage and Housing Corporation Release

Posted by Richard Kitts on Wed, Jun 17, 2015 @03:59 PM

Ontario_rental_markets_June_16_2015-1

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Ontario, Kitchener-Waterloo Mortgage, mortgage broker, CMHC, rental market

Market Commentary from First National .. Optimism still appears to be Reigning in Canada's housing sector

Posted by Richard Kitts on Wed, Jun 17, 2015 @03:30 PM

Market Commentary from First National:

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Kitchener-Waterloo Mortgage, mortgage broker, housing, CMHC, Bank of Canada, mortgage, building permit, high ratio

First-time buyers at risk of being squeezed out of Canada’s hot home market

Posted by Richard Kitts on Wed, Jun 17, 2015 @11:39 AM

First-time buyers continue to scramble to find their way into the housing market but it wouldn’t take much to squeeze them out, according to a new survey out Tuesday.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Kitchener-Waterloo Mortgage, CAAMP, Kitchener, rrsp, residential mortgage market, economy, down payment, banks

Bank of Canada says household debt, housing price crash remain major concern for economy

Posted by Richard Kitts on Wed, Jun 17, 2015 @11:37 AM

OTTAWA — In an environment of low-for-longer interest rates, and global economic uncertainty, the persistent concern of Canada’s monetary policymakers remains in their own backyard: household debt.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: household debt, mortgage broker, finance, interest rate, debt repayment, Kitchener, mortgage, oil price, Waterloo, economy, banks, Poloz

Increase in CMHC Mortgage Loan Insurance Premiums — Key Facts

Posted by Richard Kitts on Fri, May 22, 2015 @09:39 AM

Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, CMHC, increase, Kitchener, mortgage, Insurance Premiums, Mortgage Loan Insurance, mortgage insurance, Waterloo, canada mortgage and housing corporation

Joe Oliver tells realtors Ottawa will stay out of housing market because no bubble seen

Posted by Richard Kitts on Thu, May 21, 2015 @11:11 AM

Canadian Finance Minister Joe Oliver said he’s confident the country’s housing market isn’t in a bubble, setting aside any further action to curb activity.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, ottawa, Kitchener, mortgage, Finance Minister, Waterloo, housing market, ontairo, joe oliver

Stephen Poloz warns impact of oil shock on economy may take years to work itself out

Posted by Richard Kitts on Wed, May 20, 2015 @12:19 PM
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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Canada, mortgage broker, stephen poloz, Bank of Canada, interest rate, Kitchener, mortgage, oil, Canadian, recession, Waterloo, economy, boc

How the bond market meltdown could push fixed mortgage rates higher

Posted by Richard Kitts on Fri, May 15, 2015 @12:26 PM

With the potential of rates increasing, I would suggest that clients start protecting their pre-approvals, potential refinance that may be happening in the next 120 days, and renewals that are happening in the next 6-8 months.  At the very least you will be protected at no cost and still make a choice of not taking the new mortgage. Contact The Mortgage Centre Kitchener Waterloo anytime and start the process!  No cost to you and a professional in your corner looking after your best interest. 

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, refinance, Kitchener, mortgage, rate, lender, pre-approval, Waterloo, consumer, rate guarantee, bank of montreal, royal lepage

Household debt growing in Canada, but home values also rising: report

Posted by Richard Kitts on Tue, May 05, 2015 @09:42 AM

The good news is that the values of homes are rising which is outweighing the growth of consumer debt.  With this in mind, consumers who are thinking of leveraging their home as security to consolidate debt, purchase vehicles or any other large purchases, should ensure they are well informed on the dangers of this type of transaction.

While the benefits of lower rates and payments are attractive, a plan to become debt free sooner should be in place with a follow up program to ensure success.  The Mortgage Centre KW has developed a customized Mortgage Free Sooner Plan (MFSP) that creates a budget and easy to follow methods to become Mortgage Free Sooner.  MFSP  tracks your plan accordingly to ensure your goal of Mortgage Free becomes a reality.  

Richard Kitts, AMP

Mortgage Broker/President Licence #M08002010

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OTTAWA — The proportion of Canadian households in debt and the amount they owe has grown in recent years, according to a report by Statistics Canada.

The federal agency says the median debt-to-income ratio of Canadian families with debt was 1.10 in 2012, up from 0.78 in 1999.

That means the median family owed 110 per cent of its after-tax income in 2012, compared with 78 per cent in 1999.

The agency also said 35 per cent of families owed more than twice their annual after-tax income, compared with 23 per cent of Canadian families in 1999.

However, the median debt-to-asset ratio remained relatively stable over the period at 0.25 in 2012 compared with 0.27 in 1999.

Statistics Canada also said that while the data suggests Canadian families became more indebted over the period, they did so against a backdrop of rising asset values, notably real estate worth.

The Bank of Canada and others have long suggested that consumer debt remains a key risk to the economy.

Though the report only included results for Canadian debt up to 2012, more recent data suggests little has changed.

A prolonged period of historically low interest rates has helped boost household debt to record levels.

In a report last month, Statistics Canada said households in the fourth-quarter of last year owed about $1.63 in consumer credit, mortgage, and non-mortgage loans for every dollar of disposable income.

The report, issued Wednesday, found the percentage of Canadian families with debt was 71.1 per cent in 2012, up from 67.3 per cent in 1999.

The increase came as the median amount they owe grew over the same period to $60,100, up from $36,700 when adjusted for inflation. However, rising home prices have helped median asset value climb to $405,200 in 2012, up from $225,400 in 1999.

"Such results suggest that the value of assets rose at least as rapidly as the value of debt for many Canadian families," Statistics Canada said.

"In fact, median assets increased by 80 per cent while median debt was up by 64 per cent."

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: mortgage broker, Bank of Canada, interest rate, statistics canada, household, Kitchener, mortgage, debt, Waterloo